Reaching the unbanked, underbanked, and unhappily banked

THIS WEEK'S TOPIC: How might fintech exclude, just as it includes, if not done right? What other market segments need improved access to financial services?

Philip Yuen CEO Deloitte Southeast Asia and Singapore

Financial inclusion is a very important agenda for many countries, and is driven by the collaboration between governments, financial institutions, fintech and financial regulators. There is no doubt that fintech has the potential to address the challenges faced by the financial services industry. However, if an appropriate supporting (legal and policy) infrastructure is not well developed, countries may fail to achieve some key objectives that include embedding digital in the societal fabric; addressing cyber security risks; ensuring data security; and using fintech to prevent financial crimes.